Foreclosure question

[B65]

Not sure if this is the correct board, My Chapter 7 was discharged 18 months ago... feb 2011 we could have bought a house as that would be 2 years.... we included our house in the filing but we were never late... we walked after discharge.. it shows on credit report included in bankruptcy never late..... do we still have to wait the 3 years versus 2 to buy a house, will lenders still see the foreclosure somewhere?
Our landord wants to sell the house we have been renting so another move or us....just wondered if anyone had any experience in this?

B

[tcreegan]

advice on when to buy a house post-discharge

hello b65,

Where are you getting these #s on how long to do this, how long to do that?

I think those are guidelines based on an average persons credit score rebuilding.

If you haven't already, start researching how to build your credit after a BK

get copies of your three credit reports and start to clean them up. Get everything included in the bankruptcy removed or marked iib (included in bk)

Write letters, then write some more. I got a copy each time I wrote to correct something. Eventually, they took off all the stuff that was included in the BK

Now start rebuilding your credit, lots of suggestions, experiences, and help in this forum. You can start getting (mortgages, loans, credit cards) as soon as your credit score is high enough. BUT....will you be getting yourself into the same problems as you had before? Choose wisely.....

Tom in Colo

[B65]

the numbers

are from the FHA website. How do you get asomething included in Bankruptcy removed if it is before the 7 years.. 7-10 years is how long something should be on your credit report.......I have been discharged and have started to rebuild credit and no a mortgage would not get me in the same position. I would go for a cheaper house I have no debts and i have savings. so not worried about that.... but i have never heard of people getting IIB removed from their credit report and under what circumstances?

[SMinGA]

I believe FHA guidelines are 3 years after the foreclosure. The FC would not be on your credit report, but it is a public record and I believe mortgage cos would be aware if/when they ran your application.

If the 3 years post FC IS accurate, keep in mind that is 3 years from when the bank foreclosed (took back ownership/transferred title) and not 3 years from when you filed or moved out.